County Road N44 , Coon Rapids, IA 50058(Carroll County)

The farmland portfolio consists of 752.77 acres m/l with 643.28 FSA cropland acres and CSR2 soil ratings reaching the upper-80s. Top-producing soil types are located on these farmland tracts including Canisteo clay loam, Clarion loam, Nicollet clay loam, and Webster clay loam. This property also includes a recreational tract (Tract #8) with prominent old-growth Bur Oak timber.

Located in Section 26, 30, and 31 of Richland Township, these farmland tracts are located near several competing grain markets including both grain elevators and ethanol plants, these highly tillable, contiguous tracts of farmland would make for a great add-on unit to an existing farm operation or investment-grade quality land purchase. The farmland has been operated by the same farm family for the last 59 years who have taken great care of the property through continued maintenance and upkeep. The farming rights for the 2024 farm year will be made available to the new owners for all tracts and there are no outstanding farm leases in place.

County Tile is located on or is accessible to several of these Tracts including drainage tile sizes of 6, 7, and 15 allowing the ability to improve the drainage and productivity of the farmland. A County Drainage Tile map has been created and is located under the Attachments section. Historical yield information is available to interested parties by contacting the Listing Agent(s).

Tract 1: 80 acres m/l with 76.43 FSA cropland acres and a CSR2 soil rating of 84.1.

Tract 2: 120 acres m/l with 119.27 FSA cropland acres and a CSR2 soil rating of 86.1.

Tract 3: 80 acres m/l with 79.45 FSA cropland acres and a CSR2 soil rating of 88.

Tract 4: 97.24 acres m/l with 94.86 FSA cropland acres and a CSR2 soil rating of 87.6.

Tract 5: 143.29 acres m/l with 139.71 FSA cropland acres and a CSR2 soil rating of 79.9.

Tract 6: 37.38 acres m/l with 29.61 FSA cropland acres and a CSR2 soil rating of 75.2.

Tract 7: 51.46 acres m/l with 48.26 FSA cropland acres and a CSR2 soil rating of 79.8.

Tract 8: 143.4 acres m/l with 55.69 FSA cropland acres and a CSR2 soil rating of 66.7. Part of the farmland acres includes 42.39 acres enrolled in the Conservation Reserve Program (CRP) with a total annual payment of $12,753 and contract expiration dates between 2026 - 2031.

*The FSA cropland acres are estimated as several of these tracts will be surveyed and are subject to change after reconstitution by the Carroll County Farm Service Agency.

Auction Details

Seller: Our Lady of the Valley Iowa

Representing Attorneys: Spellman & McDevitt Law Firm - Dan Spellman in Perry, Iowa & Horak Law Offices - Bob Horak in Perry, Iowa

Sealed Bid Submittal Process & Deadline: Sealed Bids, in written or electronic format, for the Property will be due no later than 5:00 P.M. CST, on Wednesday, March 20th, 2024, to the following:

Matt Adams

Peoples Company

12119 Stratford Drive, Suite B

Clive, IA 50325

You can also email Matt Adams if needed.

Sealed Bids for the Property shall be submitted on the Sealed Bid Submittal Form that can be obtained by contacting Listing Agent Matt Adams by phone at (515) 423.9235 or by email. Handwritten bids, if legible, may be acceptable in the Seller and Brokers sole discretion. Please complete each blank field provided in the Sealed Bid Submittal Form. Bids can be submitted via mail or email but must be received by the deadline date in order to be considered.

Upon the receipt of all submitted bids, the Seller may accept or reject any bid or offer, enter into negotiations with one or more Bidders, or withdraw the Property from market without notice. Upon the Sellers acceptance of any bid or offer, the winning Bidder and Seller shall enter into a binding real estate sales contract. The Seller shall not be obligated or bound to sell the Property until Seller has entered into a fully executed, definitive real estate sales contract.

Agency: Peoples Company and its representatives are agents of the Seller. Winning bidder(s) acknowledge that they are representing themselves in completing the sales transactions.

Farm Program Information: Farm Program Information is provided by the Carroll County Farm Service Agency. The figures stated in the marketing material are the best estimates of the Seller and Peoples Company; however, Farm Program Information, base acres, total crop acres, conservation plan, etc. are subject to change when the farm is reconstituted by the Carroll County FSA and NRCS offices.

Earnest Money Payment: An earnest money payment of 10% of purchase price will be due upon acceptance and notification of successful offer. The earnest money payment may be paid in the form of cash, wire transfer or check. All funds will be held in Peoples Companys Trust Account.

Closing Date: Closing will occur on or before Wednesday, May 15th, 2024. The balance of the purchase price will be payable at closing in the form of cash, guaranteed checks, or wire transfers.

Closing Expenses & Prorations: Buyer and Seller shall share equally all closing fees. Seller shall pay real estate transfer taxes for the transfer of the Real Property and the cost of providing a current abstract at their expense. All real estate taxes will be prorated to the date of Closing.

Possession: Possession of the farm will be given immediately after the execution of the real estate sales contract, receipt of the Earnest Money and proof of liability insurance.

Farm Lease: The farm is open for the 2024 cropping season.

CRP Payments: Tract 8 is subject to multiple Conservation Reserve Program contracts ("CRP Contract"). Seller and any other participants listed in the CRP Contracts will assign the CRP Contracts to Buyer as of the Closing Date, and Buyer shall assume all obligations of the CRP Contract. All payments for the current CRP Contract year shall be prorated to the Closing Date by the Carroll County Farm Service Agency (FSA) Office.

Contract & Title: The successful Buyer(s) will enter into a real estate sales contract and deposit with Peoples Company the required earnest money payment. The Seller will provide a current abstract at their expense.

Financing: Buyers obligation to purchase the Real Estate is unconditional and is not contingent upon Buyer obtaining financing. All financial arrangements are to have been made prior to bidding at the auction.

Fences: Existing fences, if any, are in as-is condition and will not be updated or replaced by the Sellers. Not all tract and boundary lines are fenced and if needed, will be the responsibility of the Buyer at closing. Existing fence lines may not fall directly on the legal boundary.

Surveys: Surveys will be completed for Tracts 4,5,6,7 & 8 and will be the responsibility of the Seller to complete prior to Closing. Acres are subject to change but the purchase price for those tract(s) will not adjust. If Tracts 1 & 2 and/or Tracts 3 & 4 sell separately, the boundary lines between the tracts will be marked.

Other: This sale is subject to all easements, covenants, leases, and restrictions of record. All property is sold on an As is Where is basis with no warranties, expressed or implied, made by Peoples Company or the Seller. All bids will be on a total dollar basis. Peoples Company and its representatives are agents of the Seller. The winning bidder acknowledges that they are representing themselves in completing the sales transaction.

Disclaimer: All field boundaries are presumed to be accurate according to the best available information and knowledge of the Seller and Peoples Company. Overall tract acres, tillable acres, etc. may vary from figures stated within the marketing material. Buyer should perform his/her investigation of the property before submitting their bid. The brief legal descriptions in the marketing material should not be used in legal documents. Full legal descriptions will be taken from the abstract.